Following a USD$1 billion (AUD$1.3 billion) round of funding, video game developer, Epic Games, now has an equity valuation of USD$28.7 billion (AUD$37.1 billion).

Japanese conglomerate Sony pumped USD$200 million (AUD$259 million) into Epic, which is the brand behind the hugely popular Fortnite game.

Other investors into Epic’s latest funding included Appaloosa, Baillie Gifford and Fidelity, along with participation from funds and accounts advised by T. Rowe Price Associates and Ontario Teachers’ Pension Plan Board.

Announcing the investments, Epic’s founder and chief executive, Tim Sweeney, said he is satisfied that the organisation’s commercial partners continue to support their vision for the future.

“We are grateful to our new and existing investors who support our vision for Epic and the Metaverse,” Sweeney said.

“Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store,” he said.

Sony chairman, president and chief executive, Kenichiro Yoshida, said partnering with Epic demonstrates the underlying values of the company.

“Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry,” Yoshida said.

“We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world.

“I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology,” he said.

The latest round of investment extends from Sony’s $360 million purchase of minority shares in Epic Games from July last year.